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Cash deposits in a savings account?
Posted on 5/10/17 at 10:27 am
Posted on 5/10/17 at 10:27 am
As I have posted on here before in the last year I have been diagnosed with als so I have a couple of money questions associated with it... I worked with a large company and with a lot of people with money. Last year when they found out they gave me a sizeable donation, about 8k. For medical expenses and to take my family on a nice vacation. This year they put on a golf tournament for us. It raised about 5k. Question is how much cash can I put in a savings account each year without paying taxes or answering to the IRS ? Thanks...
3
Posted on 5/10/17 at 10:33 am to keeton350
Ask around for a local CPA. He would have advice on how to set this up.
My guess is you should have some sort of non-profit so you don't have to pay taxes. Not sure though.
My guess is you should have some sort of non-profit so you don't have to pay taxes. Not sure though.
Posted on 5/10/17 at 10:53 am to barry
It's within the gift tax exclusion. Shouldn't be an issue at all.
Posted on 5/10/17 at 11:58 am to keeton350
You'll have to generate more than like $100 in interest I believe for a 1099 to spit off.
Posted on 5/10/17 at 12:02 pm to keeton350
you are allowed up to $14k per person per year in gifts before you pay taxes on it. So one person could give you $14k and another person could give you $14k each year so on and so forth.
Posted on 5/10/17 at 12:27 pm to notsince98
You can technically give a whole lot more than that and not pay taxes on it but it's deducted from your lifetime exclusion amount. If you give more than 14k then you have to file a gift tax return but it still won't be taxable unless you choose to not have it deducted from your lifetime amount.
Anyways, I think that's beside the point of what he's asking. If the money that's been given to him starts to generate interest then he could get 1099's on it.
Anyways, I think that's beside the point of what he's asking. If the money that's been given to him starts to generate interest then he could get 1099's on it.
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